A major John McCain fundraiser who serves as finance chairman of the Florida Republican party has been accused of making hundreds of millions of dollars in profits by vastly overcharging the Pentagon for fuel deliveries in Iraq.

A House investigative committee, led by California Democrat Henry Waxman, has found that perhaps the Republican donor (Harry Sargeant) used his political contacts to secure several lucrative government fuel contracts even though his firm (International Oil Trading Company) was not the lowest bidder.

In all, the Pentagon paid Sargeant"s company $1.4 billion for four separate fuel delivery contracts and the firm reportedly made a profit of $210 million after expenses. Representative Waxman calculated that U.S. taxpayers would have saved about $180 million if the lowest bidder had been awarded the deals. Blog 4 Paul: McCain Donor Accused Of Fleecing Taxpayers